Question
Shannon Enterprises reports the following information on its year-end income statement: Net Sales$180,000Operating Expenses$40,000 Cost of Goods Sold110,000 Other Income25,000 Required Calculate Shannon's gross profit
Shannon Enterprises reports the following information on its year-end income statement:
Net Sales$180,000Operating
Expenses$40,000
Cost of Goods Sold110,000
Other Income25,000
Required
Calculate Shannon's gross profit percentage and return on sales ratio.
(Round answer to one decimal place.)
Gross profit percentage =
Return on sales ratio =
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
